Most people call these monetary awards “grants,” but they might not be listed as such in the government institutions. Often referred to as “discretionary assistance” or “domestic assistance,” there are grants to suit your needs if you are willing to do your homework.

The first place to start looking is the government grants website. On this site is the ultimate list of all grants provided by the government. It also lists the grant type and who is eligible. It provides information and a detailed form to apply. Unlike Social Security where funds are automatically distributed to those that qualify, grant programs require a very convincing formal application.

During research it becomes abundantly clear is that there aren’t any grants aimed at paying off credit cards and unsecured loans, but there are several programs that will help with mortgages/foreclosures, student loans, and medical bills.

Grants are categorized into 15 types, 7 of which are financial. Formal grants are issued to the states in accordance with the law. Project grants refer to fixed period funding of a specific project. These include fellowships, research grants, scholarships, trainee ships, and construction grants.

“Direct Payments for Specified Use” are cash benefits given directly to individuals and private firms/institutions for the subsidy of a particular activity. “Direct Payments with Unrestricted Use” is financial assistance that has no restrictions on fund usage.

Direct loans are grant monies lent by the government. These loans may or may not require a payment of interest. Guaranteed/insured loans are loans through private institutions that are “backed by the federal government” (i.e. the government will pay part or all of any of the defaulted loan to the lender). Insurance is reimburses for losses.

Available grants change often based upon the government’s priorities. It is recommended to check government websites regularly to see if there are any new grants that match your circumstances.

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